1 big thing
A reality check on inflation and the economy
Aug 28, 2023
Discussion on the current state of inflation, readiness of the Federal Reserve to raise interest rates, and concerns about the weak economy in some areas. Plus, news on a racially motivated shooting in Jacksonville and Tropical Storm Idalia eyeing Florida.
11:14
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Quick takeaways
- Inflation remains higher than desired, with concerns of settling at a still too high 4-5% instead of the target 2%, leading to the possibility of further interest rate hikes.
- Despite some sectors experiencing layoffs, the US labor market overall remains strong, with robust wage growth in lower-wage jobs indicating market tightness, although weakness is observed in housing and other pockets of the economy.
Deep dives
Inflation and the Economy: A Reality Check
Despite a decline in inflation from its peak, it remains higher than the desired rate. Energy prices receding contributed to the decline, but the Federal Reserve is concerned about the inflation rate settling at a still too high 4-5% instead of the target 2%. Further interest rate hikes may be implemented in response.
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